[2019.6.19 minutes of nickel internal morning meeting] Macro atmosphere improvement of non-ferrous metals are strong nickel spot transactions are weak

Macroscopically: ECB President Draghicheng is likely to adopt a loose monetary policy in the future, with the euro falling and the US index higher; the G20 meeting between Chinese and US leaders confirmed by telephone is a good thing for the trade situation between China and the United States. Yesterday, the whole line of colored floating red, nickel rose nearly 1.6%, Shanghai nickel rose nearly 1.5%. Today, the main focus is on the Federal Reserve interest rate decision announced in the early hours of June 20, to see whether the expected increase in interest rates will be implemented.

Nickel spot market: June 18, SMM1# electrolytic nickel 98800 to 99700 yuan / ton. Yesterday morning, Russian nickel reported 200 yuan per ton of water than Wuxi 1907. Jinchuan nickel generally reported a water rise of 1000 yuan per ton compared with Wuxi 1907 contract. Russia nickel liter water 300 yuan / ton transaction is difficult, the basic rising water 200 yuan / ton is relatively good, yesterday's market trading is not as active as yesterday, the day before yesterday individual traders feedback in the price fell to 98700 yuan position, downstream actively take goods. Yesterday, due to the price maintained in the vicinity, and the disk trend is weak, downstream choose to wait and see. Jinchuan nickel recent transactions are very general, Jinchuan nickel factory price of 99500 yuan / ton, down 1100 yuan / ton from the day before yesterday, the mainstream transaction at 98800-99700 yuan / ton. Yesterday afternoon nickel prices continue to be weak operation, the transaction continues to be flat, the mainstream transaction at 98400 99500 yuan / ton.

Nickel pig iron market: according to SMM research, a southern steel plant this week high nickel iron inquiry price of 950 to 960 yuan / nickel point, to the plant including tax, the actual transaction price is 960 yuan / nickel point, 10 yuan / nickel point higher than the inquiry price, the transaction is active.

Stainless steel market: Wuxi Jiugang quoted price this week (6.18 6.24): 304cold rolling trimming base price is 14300 yuan / ton, month-on-month price is flat; 430cold rolling base price is 8000 yuan / ton, month-on-month flat. The above quotations are all true. Details of the prices of other stainless steel plants this week: weekly prices of some stainless steel plants (6.18 to 6.24) https://news.smm.cn/news/100939428

In terms of inventories, nickel stocks were 167100 tons on 18 June, a decrease of 18 tons compared with 17 June.

Nickel price judgment: the macro atmosphere has improved, the early downturn of non-ferrous metals as a whole is strong. Shanghai nickel although the main contract has been transferred to 1908, but the 1907 contract position is still considerable, 1907 than 1909 contract price difference is more than 1300 yuan, and the domestic deliverable inventory has increased but still low, overall squeeze conditions still exist, but as the hidden inventory gradually emerged its tension than the previous atmosphere alleviated, the nickel price is expected to be firm consolidation near the 100000 pass in the short term.